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Wednesday, July 15, 2015

HOA Board actions threaten IRS action

When one purchases property in a common interest development (or HOA) a whole raft of legal documents accompany the transaction.  Most homeowners only slightly review these documents and little understand the depth and breadth of the content.  Most likely to be overlooked (perhaps even not revealed) is the Internal Revenue System (IRS) standing of the HOA.

However, you may wish to know more about that standing after you read the following.  Is not a given that your HOA has tax-exempt status, nor is it guaranteed that any HOA will keep that status.

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by Canswerist® ▶ aka Altaloman®

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A 'moniker' for the 'social current see' about common interest developments, aka HOAs, or homeowner associations, also property owner associations (POAs). These communities, while private governments, function much like cities with more than 9 million residents in these localities in California. As such, ALTACITIES, "alternate cities," are larger than the combined populations of the four largest cities in the state, Los Angeles, San Diego, San Jose and San Francisco.